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The Individual Savings Account (Insurance Companies) (Amendment) Regulations 2000

S.I. 2000/2075 · Made 28 July 2000

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

Made 28th July 2000

Laid before the House of Commons 1st August 2000

Coming into force 22nd August 2000

The Treasury, in exercise of the powers conferred on them by section 333B(1) and (7) of the Income and Corporation Taxes Act 1988f1, hereby make the following Regulations:

Annotations to the whole text

Footnotes

f1

1988 c. 1; section 333B was inserted by section 77(1) of the Finance Act 1998 (c. 36).

Contents

  1. 1Citation and commencement
  2. 2Interpretation
  3. 3Amendments to the principal Regulations
  4. 4Amendments to the principal Regulations
  5. 5Amendments to the principal Regulations
  6. Signature
  7. Explanatory note

1Citation and commencement

These Regulations may be cited as the Individual Savings Account (Insurance Companies) (Amendment) Regulations 2000 and shall come into force on 22nd August 2000.

2Interpretation

In these Regulations “the principal Regulations” means the Individual Savings Account (Insurance Companies) Regulations 1998f1 and “ regulation” means a regulation of the principal Regulations.

3Amendments to the principal Regulations

After regulation 12 there shall be inserted the following regulation—

“12A

In section 434(1A)f1 there shall be added at the end the words “but this subsection shall not apply in relation to distributions in respect of which an insurance company is entitled to a tax credit in respect of its individual savings account business.”.”

4Amendments to the principal Regulations

For regulation 14 there shall be substituted the following regulation—

“14

In section 438—

(a)

in subsection (1)f1 there shall be added at the end the words “ or individual savings account business”;

(b)

subsection (4)f2 shall be omitted.”.

5Amendments to the principal Regulations

After regulation 21 there shall be inserted the following regulation—

“21A

In paragraph 9(1) of Schedule 19ACf1, in the notionally inserted subsection (1D) of section 434, there shall be added at the end the words “but this subsection shall not apply in relation to distributions in respect of which an overseas life insurance company is entitled to a tax credit in respect of its individual savings account business.”.”

Signature

Jim Dowd

Greg Pope

Two of the Lords Commissioners of Her Majesty’s Treasury

28th July 2000

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Individual Savings Account (Insurance Companies) Regulations 1998 (S.I. 1998/1871). The amendments ensure that an insurance company is entitled to a tax credit in respect of distributions received relating to its individual savings account business, and that any such credit is brought into account in computing the insurance company’s profit from its individual savings account business.